July 2009

The Westside Danville market has shown that it is a bit of a rollercoaster ride with sales increases and decreases weekly.

Just last week we posted an inventory absorption rate of a very strong 2 months for the Westside Danville market. What a difference a week can make. We are currently at 7.3 months. Some of the wide swings is due to the relatively small number of homes in the market. Also, we have seen some of last weeks pendings close and some more inventory come onto the market. This area is still highly desirable and sales will continue to move up and down through the summer months.

Current Statistics:

There are currently 22 active listings in the Westside Danville real estate market. The average list price for these homes is at $1,382,756 with a high of $3,900,000 and a low of $629,000. The average price per square foot for these homes is at $479 with a high of $684.21 and a low of $306.25. The average days on market is at 115 days with a long of 339 and a low of 3. There currently are 3 pending sales. The list prices for these pending sales are at $795,000, $1,650,000, and $2,750,000. The prices per square foot for these homes are $1,656.25,$418.14, and $423.08. The days on market for these homes are 89, 69, and 103. Lastly, there have been 5 closed sales since June 1 in the Westside of Danville. The sales prices for these homes are $560,000, $860,000,$1,120,000,1,200,000, and $2,100,000. The price per square foot for these sold homes are $288.51, $430, $450.89, $449.10, and $582.04. The days on market for these homes were 49, 35, 89, 116, and 7 days.

The Danville real estate market continues to blast through summer with pendings and closing up.

The inventory absorption rate is flat from last week at 2 months. Again, a 2 month absoprtion rate is indicative of a neutral market. We are also seeing prices stabilize with sold prices within 4% of asking price. Additionally we are seeing homes in all price ranges selling. This high activity level points to the desirability of the Town of Danville has a place to raise a family.

Current statistics:

There are currently 188 active listings in Danville with an average list price of $1,294,082. The highest price listing is at $4,500,000 and the lowest at $539,900. The average price per square foot is at $414 with the high at $2,002.40 and the low at $230.21. The average days on market is at 101 days. There are 92 pending sales in Danville with an average list price of $976,459. The highest listed pending is at $3,299,000 and the lowest at $399,950. The average price per square foot for these pending sales is at $349. The average days on market is at 73 days. Since June 1 we have had 54 closings with an average sales price of $980,889. The average list price for these closings was at $1,024,624. The highest price sold home actually was listed at $2,500,000 and sold for $2,250,000. The lowest priced sold home was listed at $565,000 and sold for $530,000. The average price per square foot for these sold homes is $350 and the average list price per square foot was at $364. The average days on market for these homes is at 61 days.

Wow, the Westside Alamo market has seen a huge turnaround

The real estate market in Westside Alamo has changed and the inventory absorption rate is at a low of 1.78 months. This is a dramatic turnaround from just a few months ago where we were seeing an absorption rate of up to 20  months. This turnaround is outpacing that of Westside Danville and the town of Danville as a whole. The increase in sales provides some clue that we have seen a market shift. Only time will tell if this is a sustainable shift or only a short term anomaly.

The current Westside Alamo statistics are as follows:

There are 16 active homes with an average list price of $1,642,868 and a high of $2,998,000 and a low of $649,000. The average price per square foot is at $473 with a high of $833.73 and a low of $306.15. The average days on market is 140 with a long of 459 and a low of 4. There are 9 pending sales in Westside Alamo with an average list price of $1,214,438 with a high of $1,600,000 and a low of $750,000. The average days on market is 156 with a long of 376 and a short of 25.

The Westside Danville real estate market has seen sales pick up dramatically over the last few weeks and is now outpacing the Town of Danville

There are currently 20 active listing in the Westside of Danville with 10 pending sales. This means that the inventory absorption rate is at a flat 2 months. A 2 month absorption rate indicates a strong and stable neutral market. While the Westside Danville market has been one of the most desireable areas within Danville, over the last 2 years it has seen sales dwindle to almost 0. The change in sales is giving some signs of a market shift. In spite of the increase in sales, prices are still down from the highs of 2005.

There are 20 active listing in the Westside of Danville with an average list price of $1,445,882 with a high of $3,900,000 and a low of $629,000. The average price per square foot is at $463 with a high of $684.21 and a low of $306.25. The average days on market is at 123 with a long of 333 and a short of 13. There are 10 pending sales with an average list price of $1,406,590 and a high of $3,299,000 and a low of $595,950. The average days on market for these pending sales is 65 with a long of 215 and a short of 2.

The home sales in Danville have been extremely stable over th elast several weeks

There are currently 192 active listings for detached single family homes in Danville. In addition there are 89 pending sales which gives us an inventory absorption rate of 2.15 months. This level of inventory is indicative of a neutral market. Prices are not rising but as indicated in the absorption rate many homes are selling. The average sales price for pending sales is higher than many people realize at $974,194. This demonstrates that there are buyers at all price points and not just at the lower price points. Also, we are seeing sales increases in all areas of Danville. In particular we are seeing a significant increase in the Westside Danville market. This is also evidence that we are seeing a market shift.

There are 192 active listings in Danville. The average list price for these homes is at $1,297,037 with a high of $4,500,000 and a low at $559,000. The average price per square foot for these active listings is $410 with a high of $2,002.40 and a low of $231.39. The average days on market is 102 with a long of 433 and a short of 1. There are 89 pending sales in Danville with an average list price of $974,194 and a high at $3,299,000 and a low of $399,950. The average price per square foot for these pending sales is at $356 with a high of $1,656.25 and a low of $202.38. The average days on market for these pending sales is 76 days with a high of 292 and a low of 0.